Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.</li><li>Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.</li><li>Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.</li></ul>

In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.

<ul><li>Sacra estimates Lambda hit $760M in annualized revenue at the end of 2025, up 79% YoY from $425M, valued at $5.9B in its $1.5B Series E (TWG Global) for a 7.8x multiple—compared to CoreWeave (NASDAQ: CRWV) at $5.13B in 2025 revenue, up 168% YoY, with a ~$63B market cap for a 12x multiple after having gone public at $2B in revenue.</li><li>After growing its on-premise physical pre-configured GPU workstation and server business to ~$100M as of 2024, serving 97% of top U.S. research universities, Lambda shut it down in August 2025 as GPUs became too scarce &amp; valuable to sell outright versus rent by the hour at hyperscaler scale.</li><li>Going all-in on large-scale supercluster build-outs as a pure-play neocloud, Lambda signed a $1.5B four-year deal with NVIDIA to host 18,000 GPUs for its own researchers, and a separate multi-billion-dollar, multi-year Microsoft deployment deal for tens of thousands of GPUs, mirroring that CoreWeave&#39;s pre-IPO anchor contracts with NVIDIA and Microsoft.</li></ul>

Sacra estimates Lambda hit $760M in annualized revenue at the end of 2025, up 79% YoY from $425M, valued at $5.9B in its $1.5B Series E (TWG Global) for a 7.8x multiple—compared to CoreWeave (NASDAQ: CRWV) at $5.13B in 2025 revenue, up 168% YoY, with a ~$63B market cap for a 12x multiple after having gone public at $2B in revenue.After growing its on-premise physical pre-configured GPU workstation and server business to ~$100M as of 2024, serving 97% of top U.S. research universities, Lambda shut it down in August 2025 as GPUs became too scarce &amp; valuable to sell outright versus rent by the hour at hyperscaler scale.Going all-in on large-scale supercluster build-outs as a pure-play neocloud, Lambda signed a $1.5B four-year deal with NVIDIA to host 18,000 GPUs for its own researchers, and a separate multi-billion-dollar, multi-year Microsoft deployment deal for tens of thousands of GPUs, mirroring that CoreWeave&#39;s pre-IPO anchor contracts with NVIDIA and Microsoft.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Thematic (Sector/Industry)

<ul>
<li>Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.</li>
<li>India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.</li>
<li>The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.</li>
</ul>


Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.
India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.
The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.


True Cost of Running an AI Data Centre: A Unit Economics Breakdown

<ul><li>Sacra estimates that Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.</li><li>Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.</li><li>Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.</li></ul>

Sacra estimates that Together AI hit $1B in annualized revenue in February 2026, up from ~$618M at the end of 2025.Together AI raised $800M in a Series C round led by Aramco Ventures in July 2026, valuing the company at $8.3B.Together AI's August 2026 partnership with Humain in Saudi Arabia—providing 250 MW of power and 120,000 chips—represents a major capacity expansion.

<ul><li>Nscale raised $2 billion in Series C funding in March 2026 at a $14.6 billion valuation, with proceeds intended to support further deployment of AI infrastructure across Europe, North America, and Asia.</li><li>The company builds GPU-optimized data centers in northern Norway that leverage 100% renewable hydroelectric power and natural cooling.</li><li>The Texas site, leased from Ionic Digital, currently operates at 240MW with an option for Microsoft to add 700MW starting in late 2027, with the campus able to scale to 1.2GW.</li></ul>

Nscale raised $2 billion in Series C funding in March 2026 at a $14.6 billion valuation, with proceeds intended to support further deployment of AI infrastructure across Europe, North America, and Asia.The company builds GPU-optimized data centers in northern Norway that leverage 100% renewable hydroelectric power and natural cooling.The Texas site, leased from Ionic Digital, currently operates at 240MW with an option for Microsoft to add 700MW starting in late 2027, with the campus able to scale to 1.2GW.

United States

Cloud GPU provider for training and fine-tuning AI models at scale

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Lambda Labs (LABS US)

Primer: Lambda Labs - 17 Sep 2026

Cloud GPU provider for training and fine-tuning AI models at scale

Sacra

No Side Quests For Lambda

TL;DR: After killing its on-prem hardware business and landing NVIDIA and Microsoft as anchor customers, Lambda has crossed over from “developer...

Sacra

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Primer: Together AI - 31 Aug 2026

API and compute layer for developers to train and deploy open-source AI models

Sacra

Primer: Nscale - 15 Jun 2026

Provider of AI infrastructure solutions, including sustainable data centers and GPU cloud services

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Lambda Labs - 17 Sep 2026

Cloud GPU provider for training and fine-tuning AI models at scale

Sacra

No Side Quests For Lambda

TL;DR: After killing its on-prem hardware business and landing NVIDIA and Microsoft as anchor customers, Lambda has crossed over from “developer...

Sacra

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

​AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Primer: Together AI - 31 Aug 2026

API and compute layer for developers to train and deploy open-source AI models

Sacra

Primer: Nscale - 15 Jun 2026

Provider of AI infrastructure solutions, including sustainable data centers and GPU cloud services

Sacra

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.